Invocation of revisionary jurisdiction u/s. 263 unjustified when AO took plausible view

Usha K. Jolly Charitable Trust Vs CIT (ITAT Pune) ITAT Pune held that invocation of revisionary jurisdiction u/s. 263 of the Income Tax Act unjustified when AO examined the claim and took one of the plausible views and hence the assessment order cannot be termed as an “erroneous”. Facts- The appellant is a charitable trust registered under the provisions of section 12A of the Income Tax Act, 1961. On receipt of the information that the appellant trust made a cash deposit of Rs.1,31,99,95,101/-, AO reopened the assessment by issuing notice u/s. 148 on 29.03.2017. Subsequently, the assessmen...